Before the bell rings, know about the companies that make headlines:
PepsiCo (PEP) — The beverage and snack giant reported adjusted quarterly profit of $1.86 per share, 12 cents above estimates and revenue on top of Wall Street’s forecasts. The company also raised its full-year forecast as consumer demand continues to rise despite a rise in prices. PepsiCo gained 1.2% in the premarket.
gap (GPS) — The apparel retailer’s stock fell 6.3 percent in the premarket after CEO Sonia Singhal stepped down after two years on the job. He will be replaced on an interim basis by Bob Martin, executive chairman and former Walmart executive.
peloton (Pton) — The fitness equipment maker announced that it will transition entirely to third-party manufacturing, expanding its partnership with Taiwan-based manufacturer Rexon Industrial. Peloton fell 1.8% in premarket trading before those losses were erased and turned positive.
Twitter (TWTR) – Twitter sent a letter to Elon Musk saying it has not violated any of its obligations under its acquisition agreement and that his attempt to back out of the deal was “invalid and wrong.” Twitter shares have fallen 15.8 percent in the last two trading days.
dave and buster (PLAY) — The entertainment-themed restaurant chain announced a series of new executive appointments, including the appointment of a new chief operating officer. The changes take effect August 1 and the stock gained 1.7% premarket.
price Smart (PSMT) — Shares of the discount retailer fell 4.2% in premarket trading, as it reported lower-than-expected earnings despite sales exceeding analyst estimates. PriceSmart was impacted by supply chain disruptions and additional inventory levels driven by changes in consumer demand.
canu (GOEV) — The electric vehicle maker’s stock rose 73.4% in the premarket after it struck a deal to sell 4,500 delivery vehicles. walmart (WMT) for an undisclosed amount. Walmart also has the option to buy up to 10,000 units.
lenar (LEN) – Shares of the home builder fell 1.7% in premarket trading after JPMorgan Securities downgraded the stock from “overweight” to “neutral” as the industry faces a number of headwinds, including soft Sales and high incentives are included.
American Express (AXP) — Shares of American Express fell 2.6% in premarket action after Morgan Stanley downgraded the financial services giant from “overweight” to “equal-weight.” The firm said the bearish risk in American Express stock is not fully priced.